A short sale happens when a distressed homeowner seeks permission from their lender to sell their home at a price less than what is owed on the home with hopes of the lender accepting a lower payout upon completion of the short sale.

How can I qualify for a short sale?

Short sale qualifications are based on financial hardships or sometimes just simply being underwater in your home. Some typically accepted hardships may be:

Divorce

Active Military

Excessive Medical Bills

Incarceration

Death of a Family Member

These are only a few examples of usual qualifications for a Beverly Hills short sale. Contacting a short sale specialist upon interest of a short sale can help you understand where your particular situation stands with your home.

Can I do a short sale without missing payments?

Yes. Short sales are for qualified homeowners who are delinquent in their mortgage or may foresee the possibility of falling behind on their mortgage payments. In fact, opting for a short sale early on and before any mortgage payments are missed can be a huge benefit to the outcome of a short sale. Homeowners who short sale without missing payments typically have the ability to qualify for another loan shortly after the short sale while also salvaging their credit score. Damage to ones credit from a short sale is mostly due to the already missed mortgage payments; which can cost up to 30 or more points per missed payment.

Why is a short sale beneficial?

Short sales have the ability to get you back on track in as little as two years; which seems like sufficient time to save money and establish credit. A foreclosure can damage a credit score by 300+ points while also making it almost impossible to qualify for a loan for almost ten years. A short sale will also only read “Paid as negotiated” whereas a foreclosure will keep its title preventing possible career paths in the future; yes, some employers turn to ones credit before making a hiring decision.

Can I stay in my Beverly Hills home while the short sale is in progress?

Of course. You will not be asked to relocate from the home until the completion of the short sale. During the remainder of your stay in the home it may be wise to save what money might be coming in while also finding alternatives for other living arrangements in the future.

How can I find a short sale Realtor?

When opting for a short sale, a Beverly Hills short sale specialist is typically a key component to a successful completion of a short sale. In order to assure you make the right decision on who will be representing you during your time of need, a lot of researching should usually be done. There are multiple ways to find the right short sale agent for your short sale; it’s just a matter of knowing where to start. There are plenty of Realtors who may say they can take on your short sale, but there are even less who can actually successfully complete it. Turning to the internet can be a sure way to find what you are looking for. It is acceptable to do many interviews with potential Realtors, and with doing so, asking for credentials should be the topic on hand. A true determined and experienced short sale specialist will offer those credentials upfront, providing validity to their title as a short sale specialist. Also, it is important to note that you should never have to pay for the services of a short sale expert; your lender will typically pay these commissions.